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Tuesday, November 24, 2020

April-October: EPFO settles claims worth Rs 55.9K crore

Of this, 47.58 lakh were Covid-19 advance claims worth Rs 12,220.26 crore, a letter sent by EPFO to its Central Board of Trustees on Friday showed.

Written by Aanchal Magazine | New Delhi | November 21, 2020 1:23:57 am
The scheme allowing advance withdrawal was notified on March 27 and the online facility launched on March 29. (File)

The Employees’ Provident Fund Organisation (EPFO) has settled 149.31 lakh settlement and advance claims during April-October amounting to Rs 55,900.88 crore.

Of this, 47.58 lakh were Covid-19 advance claims worth Rs 12,220.26 crore, a letter sent by EPFO to its Central Board of Trustees on Friday showed. Exempted establishments have settled 3,89,178 Covid-19 advance claims, disbursing Rs 3,782.83 crore to its members, the letter stated.

In the wake of the pandemic, the government had in March announced an online facility to allow withdrawal not exceeding the basic wages and dearness allowances for three months or up to 75 per cent of the amount standing to a member’s credit in the EPF account, whichever is less.

The scheme allowing advance withdrawal was notified on March 27 and the online facility launched on March 29.

The earlier withdrawal conditions allowed subscribers to take non-refundable advance or withdraw money before retirement for specified purposes, such as a medical emergency, marriage, higher education or purchase of a house, etc. Moreover, subscribers who have been unemployed for more than a month can withdraw up to 75 per cent of their balance.

The Covid-19 pandemic and subsequent lockdowns across the country had adversely affected the enrolments under the EPFO during the first quarter, the letter stated, adding that the provisional figures of subscribers for July and August indicate a gradual recovery to pre-Covid levels.

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